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How to Get a Loan for a Rental Property
Rental property loans differ from traditional mortgages, needing larger down payments, higher interest rates, and reserves, often disregarding projected rental income.
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What to Know About
Life in Hugo & Beyond
Hugo shares many of the great qualities that make Minnesota a desirable place to live.
Minnesota, known as the "Land of 10,000 Lakes", boasts breathtaking landscapes and a thriving arts and cultural community that enchants you. Immerse yourself in Minnesota's roots and history through the City Museum and the Science Museum of Minnesota, or invest in your education through the University of Minnesota, St. Cloud State University, and Minnesota State University, Mankato. In addition, residents can enjoy a vibrant arts and cultural scene in the Twin Cities of Minneapolis and St. Paul, including the famous Walker Art Center and the Minnesota Orchestra, providing a wealth of entertainment options.
Sports enthusiasts can enjoy cheering on professional teams such as the Minnesota Vikings (NFL), Minnesota Twins (MLB), and Minnesota Timberwolves (NBA), providing ample opportunities for excitement. Explore famous attractions like the Mall of America, the James J. Hill House, and the historic town of Duluth, each providing a unique glimpse into Minnesota's history and culture. In addition, the state offers many outdoor recreation opportunities, from boating and fishing in its 10,000 lakes to skiing in the Minnesota River Valley.
Minnesota offers a unique blend of natural beauty, quality of life, and affordability, making it a great place to call home.
Rental Market Trends
Hugo, MN
As of June 2026, Hugo's rental market is stable, offering a predictable rental market where most units lease within a few weeks. Hugo's average rent is 44.7% ($688) higher than the Minnesota average of $1,539 and 23.9% ($430) higher than the U.S. average of $1,797.
Average Rent
$2,227
Monthly ChangeMonth Over Month Change
0.9% ($20)
Yearly ChangeYear Over Year Change
7.2% ($150)
Avg. Days on MarketAverage Days on Market
48
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,845 | 0.2% ($4) | 17.1% ($269) |
| 2 Beds | $2,119 | 0% ($1) | 9.4% ($182) |
| 3 Beds | $2,719 | 0.2% ($6) | 20.9% ($470) |
| Nearby Cities | Average Rent | Avg. Rent vs. HugoAverage Rent vs. Hugo | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Forest Lake | $1,767 | 20.7% ($460) | 45 days |
| Stillwater | $3,331 | 49.6% ($1104) | 43 days |
| Lake Elmo | $3,597 | 61.5% ($1370) | 47 days |
| Chisago City | $1,545 | 30.6% ($682) | 44 days |
| Somerset | $1,677 | 24.7% ($550) | 37 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Hugo Rental Market FAQs
Explore rental prices, market trends, and availability in Hugo, MN.
The average rent in Hugo, MN is $2,227 per month.
Homes in Hugo typically rent for between $1,292 and $3,535 per month, with an average of $2,227 per month.
In Hugo, the average rent for a 1-bedroom home is $1,845 per month, for a 2-bedroom home, $2,119 per month, and a 3-bedroom home is $2,719 per month.
The average rent in Hugo is 23.9% ($430) higher than the national average of $1,797 per month.
The average rent in Hugo has decreased by 0.9% ($20) in the last month and increased by 7.2% ($150) over the past year.
The rental market in Hugo, MN, is currently stable, offering a predictable rental market where most units lease within a few weeks.
In Hugo, MN, the average rental stays on the market for approximately 48 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.
There are currently 5 rental properties available in Hugo, MN.
Based on the current averages, a household would need an annual income of $84,760 to comfortably afford a 2-bedroom home in Hugo.
